TEL AVIV, Israel, June 21 /PRNewswire-FirstCall/ -- RiT Technologies
(Nasdaq: RITT), the pioneer of intelligent physical layer solutions, today
announced that it has signed a definitive agreement for the private placement
of the Company's ordinary shares with institutional and private investors.
The closing of the transaction is subject to certain conditions, including
shareholder approval and the approval of the Office of the Chief Scientist of
the Ministry of Industry and Trade of the State of Israel.
Under the terms of the agreement, the Company will issue 5,081,986 of its
ordinary shares at an aggregate purchase price of $7.1 million or $1.40 per
ordinary share. The company will also issue to the investors warrants to
purchase up to 1,270,496 ordinary shares at an exercise price of $1.75 per
share. The warrants are exercisable for five years from the date of the
closing. The proceeds of the private placement will be used for general
corporate purposes. The securities offered in the private placement will not
be registered under the Securities Act of 1933, as amended (the "Act"), and
may not be offered or sold in the United States absent registration, or an
applicable exemption from registration, under the Act. The Company has agreed
to file a registration statement with the U.S. Securities and Exchange
Commission covering the resale of the ordinary shares to be issued at the
closing and the ordinary shares issuable pursuant to the warrants, subject to
certain terms and conditions.
About RiT Technologies
RiT Technologies pioneered the development of intelligent physical layer
solutions, designed to provide superior control, utilization and maintenance
of networks. RiT's innovative solutions help customers capitalize on network
investments and reduce cost of ownership.
RiT's Enterprise Solutions include PatchView(TM) for full web-based
management, planning and troubleshooting of network physical layer
connectivity, and SMART Cabling(TM) System components for single-source, end-
to-end structured cabling solutions.
PairView(TM) and PairQ(TM) Carrier Solutions help telcos capitalize on
outside plant investments by giving them reliable, mass-verified and qualified
infrastructure and connectivity databases.
With a global sales network spanning 60 countries, RiT's key customers
include major financial institutions, corporations and global
telecommunications companies such as: Deutsche Telekom, Alcatel, TELMEX,
TELENOR, The New York Mercantile Exchange (NYMEX), ING Barings, INVESCO,
DIAGEO, Daewoo, and Reuters.
RiT is a member of the RAD group, a world leader in communications
For more information, please visit our website: http://www.rittech.com
Safe Harbor statement under the Private Securities Litigation Reform Act
of 1995: This release contains forward looking statements that are subject to
risks and uncertainties, including, but not limited to, the impact of
competitive products and pricing, product demand and market acceptance, new
product development, reliance on key strategic alliances, availability of raw
materials, the regulatory environment, fluctuations in operating results and
other risks detailed from time to time in the Company's filings with the
Securities Exchange Commission.
This press release is available at http://www.rittech.com/ and
COMPANY Simona Green
CONTACT: VP Finance
PORTFOLIO PR Paul Holm / Jerry Cahn
firstname.lastname@example.org / email@example.com
SOURCE RiT Technologies